Singapore’s MyRepublic raises US$16mil
By Digital News Asia September 28, 2015
- Brunei telco DST major investor this round, boosts bid to become 4th operator
- Since 1Gbps launch in 2014, MyRepublic claims to have tripled subscriber base
SINGAPORE-headquartered MyRepublic said it has raised S$23 million (US$16 million) in capital, with Brunei’s leading telecommunications provider DST a major investor in the current round.
This would boost the company’s aspirations to be Singapore’s fourth mobile operator, and represents the ever-growing confidence in MyRepublic’s business model and “the impact it makes in the region,” the company said in a statement.
“We are convinced that this is an excellent opportunity to invest in MyRepublic, which is also in line with our future and active expansion plans,” said DST chief executive officer Suhaimi Hussain.
“This is more than just an investment. Working closely with MyRepublic grants us exposure to a different market environment and helps us achieve our developmental goals,” he added.
DST committed investments towards MyRepublic’s Mobility Trial in October, drawn by company’s exploration of advanced, small cell LTE (Long-Term Evolution) technology to roll out its mobile network.
Unlike traditional mobile networks, a small cell network eschews the use of large, expensive base towers, instead deploying cost-effective LTE units in a region, MyRepublic said in its statement.
This provides better coverage in enclosed spaces (such as inside elevators and narrow corridors) and even inside moving vehicles.
“Our vision is to build a lean and mean operator that can survive with 8% market share in Singapore, so there’s a lot to learn from DST’s success in a market with just around 70,000 households and 400,000 customers,” said MyRepublic chief executive officer Malcolm Rodrigues (pic).
Since the launch of its 1Gbps service in 2014, MyRepublic claims to have tripled its subscriber base to just under 40,000 and now has also set its sights on becoming Singapore’s fourth mobile operator.
It has also since expanded to New Zealand, with plans to further expand to other regional markets like Australia, Indonesia and Malaysia.
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